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Estate’s Trustees Sue Bank In Accountant’s Fraud Arrest

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NEW LONDON, Conn. (AP) _ Trustees of a Norwich estate are suing Chelsea Groton Bank to try to recoup some losses from an alleged multimillion dollar fraud scheme that led to the arrest of a local accountant.

The Day of New London reports that trustees of the Kauppinen family trusts recently filed a lawsuit in New London Superior Court against the Groton-based bank. They allege bank officials should have known Norwich accountant F. Robert LaSaracina’s representations were false when they gave him a $1.3 million mortgage on trust-owned property when he was a trustee of the estate.

Federal authorities charged LaSaracina last October with fraud and money laundering. The Day reports that LaSaracina’s alleged mishandling of the Kauppinen trusts led to his arrest.